EpicQuest Education Group International Limited announced its financial results for the twelve months ended September 30, 2024, on January 31, 2025. Revenues reached $8.15 million, a 42.7% increase from $5.71 million in fiscal year 2023, driven by international foundational and collaborative programs.
The company reported a gross profit of $5.31 million, up 26.1% year-over-year, though the gross margin decreased to 65.2% from 73.7%. Operating loss widened to $7.43 million from $7.02 million in the prior fiscal year, but net loss improved to $6.57 million from $7.07 million, with net loss per share at $0.47 compared to $0.57.
Liquidity remained a concern, with cash and cash equivalents at $1.15 million as of September 30, 2024, down from $4.97 million. The company had negative working capital of $5.47 million and net cash used in operating activities was $9.48 million. However, in a subsequent event on January 10, 2025, the company sold two buildings for $1.7 million, providing a boost to its cash position.
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